Wednesday, May 09, 2012

Nifty - Elliott Wave Analysis

I am not suggesting a bottom yet. The trend is down and strong. So to preempt a reversal could be risky. But we have been proposing a target zone of 4950 - 4920 for Nifty on the downside. Its better to wait and watch, and keep an eye for a reversal pattern in this range, first sign will be a close above 5 DEMA. Also look for a positive divergence on STS and prices.

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